The State Secretariat for Economic Affairs (SECO) of Switzerland has announced a preliminary estimate of the assets of Russians frozen in the country. This amount now stands at $8.81 billion.
This is about $220 million more than Switzerland froze last year. Over the past 12 months, the country has added another 300 people and 100 companies and organisations associated with Russia to its sanctions list.
The European Commission is considering using the frozen Russian assets to rebuild Ukraine. Switzerland is participating in the discussions but has yet to voice an official position on this decision.
According to Bloomberg, the European Commission tentatively plans to unveil its legislative proposal on December 12 to impose a windfall tax on profits generated by the frozen assets.
These assets are to be given to Ukraine for reconstruction.
It will be recalled that Euroclear international depository earns €3 billion from frozen Russian assets.